Motorcycle insurance is similar to auto insurance, typically including comprehensive and collision insurance for you, your passengers and your bike. While things like safety apparel and motorcycle insurance are probably the least exciting aspects of owning a new motorcycle, it is still important to ensure that you and your ride are protected. Here’s a guide to help you better understand motorcycle insurance.
Liability Coverage: Bodily Injury and Property Damage
There are two common types of motorcycle liability coverage: bodily injury and property damage. Bodily injury liability coverage helps cover the cost of liability claims and legal fees if you are at fault in an accident. It addresses medical costs, loss of income, as well funeral costs in the event of a fatality. Property damage liability covers the damage of the other motorist’s property. Most states require motorcycle owners to buy liability coverage, but the minimum varies state-to-state. You may want to consider liability coverage beyond your state’s minimum requirement to protect your assets in case you’re sued over an accident.
Medical Payments Coverage
Medical payments coverage helps cover the cost of medical bills in the event you or your passenger are injured while on your motorcycle. It’s important to note that this coverage typically only covers you and your passengers. Expenses related to the injuries of others in an accident are typically covered through liability coverage.
Collision coverage helps pay to repair or replace your motorcycle if it is damaged in a collision with other vehicles or is damaged by the road or another object. The limit for collision coverage is typically your motorcycle’s actual cash value.
Comprehensive coverage protects your motorcycle if it is stolen or damaged by something other than a collision with another vehicle. It typically covers risks such as theft, vandalism or falling objects. Similar to collision coverage, the limit for comprehensive coverage is based on your motorcycle’s actual cash value.
Finding the Right Motorcycle Insurance Coverage
Like car insurance, motorcycle insurance can protect you from financial liability if you are in an accident while on your bike. It’s important to insure all of your properties and modes of transportation. At SelectQuote, we’ll take the time to learn more about what you hope to protect and provide auto insurance quotes from some of the most trusted carriers—not only saving you time, but giving you the peace of mind you’re looking for.